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“‘A college education is the single best investment an individual can make in themselves, a parent can make in their child, and a nation can make in its citizens. Yet if Republicans don’t act, interest rates are set to double this July, and more than seven million borrowers will find themselves paying more. In this time of economic hardship, we should be helping make college more affordable, not putting it further out of reach.”

“Now we need the President to take the next step to ensure these affordable loans make it to students in time–as families suffer from the credit crunch that has taken lenders out of the market and hurt our economic strength.”

The House is debating the Ensuring Continued Access to Student Loans Act, H.R. 5715. In recent months, turmoil in the U.S. credit markets has made it difficult for some lenders in the federally guaranteed student loan program to secure the capital needed… Continue

The Education and Labor Committee held a hearing this morning on plans that should be put in place to ensure students continue to have uninterrupted access to federal student loans in the unlikely event that stress in the nation's credit markets leads… Continue

On Wednesday, the House overwhelmingly passed the Student Loan Sunshine Act, and we noted how the bill, which would clean up student loan practices, dovetailed with extensive oversight efforts during this Congress on the increasingly scandal-plagued federal student loan program. Yesterday the… Continue

Whistle-Blower on Student Aid Is Vindicated Sam Dillon, New York Times – May 7, 2007 When Jon Oberg, a Department of Education researcher, warned in 2003 that student lending companies were improperly collecting hundreds of millions in federal subsidies and suggested how… Continue

From the Committee on Education and Labor: Chairman Miller Opens New Line of Inquiry into Student Loan Industry Miller Asks Federal Trade Commission to Investigate Deceptive Lender Marketing Practices WASHINGTON, D.C. — U.S. Rep. George Miller (D-CA), chairman of the House Education… Continue

This just in from Bloomberg: Sallie Mae to Pay $2 Million to Settle Lending Probe (Update2) Karen Freifeld, Bloomberg – April 11, 2007 SLM Corp., the largest student loan company, will pay $2 million and adopt a new code of conduct to… Continue

“Eight years ago, our nation took a momentous step toward fulfilling the promise of an affordable, quality education for every student when Democrats passed the single largest investment in student aid in American history.  The Student Aid and Fiscal Responsibility Act has been transformative, lowering the cost of student loans, strengthening community colleges, increasing the purchasing power of Pell Grants, investing in Minority Serving Institutions and knocking down barriers for students looking to pursue a higher education.

Good afternoon, everyone!  Thank you for being here.  I’m honored to be here with my colleague, Representative Eric Swalwell, who is the head of our Future Forum, which goes around the country listening to the concerns of millennials.  He heads up a 30-somethings group – some start in the late 20’s and 30’s – he’s bringing us all here together today.